Australia ranks last in entrepreneurial growth

Young Liberal Senator James Paterson is calling for widespread tax cuts after Australia was ranked last in entrepreneurial growth out of all 32 OECD nations.

The world economic forum has Australia at 80th in the world when it comes to the burden of regulation.

To open a restaurant in NSW requires the completion of 48 separate forms and the acquisition of 72 licences.

Senator Paterson tells Alan Jones the government is already pushing for a cut to the company tax rate, now it’s time for personal tax cuts as well.

“The last treasurer to have substantial income tax cuts was Peter Costello in his 2007 budget.

“Just as our company tax is high and uncompetitive, I think our personal income tax rates are too high and holding our country back.

“They’re not rewarding people for the effort that they put in, they’re not rewarding them for being entrepreneurs, they’re not rewarding them for taking risks, and that’s a real problem for Australia.”